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    Home » Sections » Banking » Standard Bank shuts even more branches than planned – full list

    Standard Bank shuts even more branches than planned – full list

    By Hilton Tarrant4 June 2019
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    Standard Bank has announced the full list of branches that have been or will be closed, as part of the realignment of “its retail and business banking delivery model”. It will shut 104 branches, 13 more than the 91 it originally announced in March. The bulk of those being shut — 49 — are in Gauteng, with a further 11 and 10 in the Western Cape and KwaZulu-Natal respectively. Nearly one in every five Standard Bank branches is being closed down.

    Once the branches are closed (likely affecting more than the 1 200 employees first announced, given the larger number of closures), the bank will have around 525 branches in South Africa (down from 629 at the end of 2018). The ATMs at most (probably all) of these branches will disappear. For those branches in malls, single ATMs are likely already located elsewhere in the centre, while the bank will surely install ATMs at the locations of shuttered branches which are not near other ATMs.

    This author argued in April that the cuts were long overdue, more so given the fact that Standard Bank and Absa were behind the curve. Nedbank has been shrinking the floor space of its branch network since 2014 (versus simply shutting branches), while FNB has been catching up quickly. Following these cuts, Standard Bank will have the smallest number of branches of the five large retail banks.

    The cuts by Standard Bank weren’t random. It knows precisely how many (primary bank) customers each of these branches was serving

    The cuts by Standard Bank weren’t random. It knows precisely how many (primary bank) customers each of these branches was serving. Layer this together with the cost of occupancy — primarily rental — and the staff overhead, and it would’ve been easy for the bank to calculate which branches simply weren’t economically viable.

    With some older branches, the cost of refurbishment would have been factored in, too. Obviously, the location of the next-nearest branch was also an influence.

    Some closures are obvious. The Standard Bank branch at Old Mutual’s Mutual Park campus in Cape Town, which despite the managed separation still has a cooperation agreement with Nedbank, surely never really made much sense. (Besides, the Pinelands branch is just over 1km away.) So, too, the branch in MTN’s head office (considering their financial services joint venture quietly died over half a decade ago).

    Obvious overlap

    In April, Moneyweb questioned some “obvious examples of overlap. In northern Johannesburg, Standard Bank has a branch at Bryanston Shopping Centre and another at Nicolway, 3km up the road. There’s a similar situation at Melrose Arch and Rosebank Mall, or at Dainfern Square and Fourways Crossing (each less than 4km from each other).”

    All three of these branches — Bryanston, Melrose Arch and Dainfern Square — are among the 104 closures that have been announced.

    Opening branches at Dainfern Square and Melrose Arch (both under five years old) were examples of spectacularly bad planning. Add to this the branches at Forest Hill, Menlyn Maine and Newtown Junction (all recent openings), which are closing.

    Arguably, the hardest hit province is the Northern Cape, considering the vast distances between the affected small towns. Outlying areas in the Free State and Eastern Cape are similarly hit.

    The full list of closures announced by Standard Bank (these documents include details of the next nearest branches):

    Gauteng

    Alberton
    Arcadia
    Balfour Park Shopping Centre
    Baramall
    Benmore Gardens
    Bloed Street
    Bracken City
    Brixton
    Bryanston Shopping Centre
    Chilli Lane
    Cosmo
    Dainfern Square
    Daveyton
    East Rand Mall
    Edenvale
    Ellis Park
    Florida
    Forest Hill
    Hillcrest Boulevard
    Hyde Park
    Industria
    Irene Mall
    Johannesburg
    Kempton
    Kwa Thema
    Lambton
    Lyttelton
    Malvern
    Melrose Arch
    Menlyn
    Menlyn Maine
    Mogale
    MTN (head office)
    Newtown Junction
    Norwood
    Palm Springs
    Parkview (Pretoria)
    Randburg
    Randfontein
    Randridge Mall
    Rivonia
    Rosslyn
    Sandton (Alice Lane)
    Soshanguve Crossing
    Sunward Park
    Unisa
    West End
    Wonderboom Junction
    Woodbridge Square

    Western Cape

    Belhar
    De Rust
    Grassy Park
    Hout Bay
    Melkbosstrand
    Mitchell’s Plain
    Mutual Park
    Philippi
    Plumstead
    Rawsonville
    Strand

    KwaZulu-Natal

    Dales Avenue
    Hilton
    Isipingo
    Mandini
    Musgrave Road
    Theku Plaza
    Tugela Ferry
    Umkomaas
    Watercrest
    West Street

    Eastern Cape

    Alexandria
    Barkly East
    Cala
    Linton Grange
    Molteno
    Summerstrand

    Free State

    Bultfontein
    Jagersfontein
    Kestell
    Lindley
    Marquard
    Phuthadittjhaba (service centre)

    Limpopo

    Bochum
    Bopedi
    Namakgale

    Mpumalanga

    Amersfoort
    Evander
    Kamaquekeza
    Kwa Guqa
    Mbombela
    Ogies

    North West

    Cachet Park
    Klerksdorp
    Moruleng
    Tower Mall

    Northern Cape

    Britstown
    Diamond Pavillion
    Hanover
    Kenhardt
    Kuruman
    Philipstown
    Sishen
    Strydenburg
    Sutherland

    • This article was originally published on Moneyweb and is used here with permission
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